The demand for luxury homes remains steady in today’s market, and if you’ve been thinking about purchasing a luxury home in Phoenix, Scottsdale, or the surrounding areas, timing is everything. One of the more common questions we’re asked by prospective buyers is “when is the best time of year to buy a luxury home?” And where there’s no universal, “one-size-fits-all” solution, our experience with representing both buyers and sellers in the local area leads us to make some recommendations regarding the best season to shop for a luxury home.
One of the main concerns luxury home buyers have is that of facing high competition with other buyers—a concern that is quite legitimate in today’s market where inventory is low and demand is high. Typically, the luxury real estate market peaks locally immediately before and after the summer months. During this time, there tend to be the most listings on the market, as well as the most buyers looking to move. For those who are less concerned about competition and more concerned with having plenty of options from which to choose, home-buying during these months may be ideal.
On the other hand, those who want a potentially smoother buying experience may want to purchase a luxury home during the hottest months of summer. During this time, the high area temperatures keep many buyers away, meaning there is less competition. The buyers looking to sell during this time also tend to be more motivated. This may make it easier to land your dream home with fewer back-and-forth negotiations or competition from other buyers. This tends to be especially true among buyers in the $2 million market and higher.
Of course, other factors can come into play when determining when to shop for a luxury home. For those with families, moving in between school year sessions may be vital, so relocating during the summer months becomes even more lucrative. Aside from lifestyle considerations, it’s also important to consider the local market and real estate trends when determining the best time to buy, which is where having a local real estate professional on your side can make all the difference.
Whether you’re interested in buying a luxury home in Scottsdale, Fountain Hills, Phoenix, or Paradise Valley, our experienced team at Walt Danley is here to help. Contact us today to find out more about us and get started with your luxury home search.